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China's Shengjing Bank to raise 9B yuan in bonds

China-based Shengjing Bank Co. Ltd. plans to raise 9 billion yuan through the issuance of bonds.

The bonds will have no fixed term and interest rate will be determined with reference to the market interest rate, the bank said June 29. The proposed issuance is subject to the approval of the bank's shareholders, as well as regulators in China.

The bank said it will use proceeds from the bond issues to replenish other Tier 1 capital.

As of June 29, US$1 was equivalent to 6.62 Chinese yuan.